Filed Pursuant to Rule 497(e)
1933 Act Registration No. 2-66885
SUPPLEMENT DATED MAY 17, 1999
TO THE JOINT STATEMENT OF ADDITIONAL INFORMATION
DATED AUGUST 1, 1998
OF
IAI GROWTH FUND (A PORTFOLIO OF IAI INVESTMENT FUNDS II, INC.)
IAI REGIONAL FUND (A PORTFOLIO OF IAI INVESTMENT FUNDS IV, INC.)
IAI CAPITAL APPRECIATION FUND (A PORTFOLIO OF IAI INVESTMENT FUNDS VI, INC.)
IAI EMERGING GROWTH FUND (A PORTFOLIO OF IAI INVESTMENT FUNDS VI, INC.)
IAI MIDCAP GROWTH FUND (A PORTFOLIO OF IAI INVESTMENT FUNDS VI, INC.)
IAI GROWTH AND INCOME FUND (A PORTFOLIO OF IAI INVESTMENT FUNDS VII, INC.)
IAI VALUE FUND (A PORTFOLIO OF IAI INVESTMENT FUNDS VIII, INC.)
Supplement to page 14 (Management)
The following supplements the disclosure concerning the directors
and executive officers of the Fund:
<TABLE>
<CAPTION>
Name and Address Age Position Principal Occupation(s) During Past 5 Years
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Julian "Bing" Carlin 63 Vice Senior Vice President of IAI since 1999. Mr. Carlin also manages private
601 Second Avenue South President, client portfolios at Carlin Capital Management, where he has worked since
P.O. Box 357 IAI 1996. Prior to that, Mr. Carlin was a Senior Vice President
Minneapolis, MN 55402 Regional of IAI and managed IAI Regional Fund since its inception in 1980.
Fund
</TABLE>
